Jay Peak

Seven months after the Securities and Exchange Commission accused Jay Peak's owner and president of massive fraud, the ski resort is set to open for the season on Saturday with the federal receiver overseeing it saying there is a $6.5 million shortfall.

A federal judge has ruled that up to $1.5 million of a settlement reached with a financial firm in a fraud investigation of two Vermont ski resorts will be loaned to a federal receivership so the properties can meet payroll.

One of two businessmen accused in what the Securities and Exchange Commission calls a "massive eight-year fraud scheme" involving developments in Vermont says he's confident he'll be cleared of any wrongdoing.